Forum Replies Created
We had a similar problem while taking 12 months doing a removal house reno. We insured with Elders who were Ok once we explained that we were onsite each day and lived 1klm away. I surpose we’ll never know for sure as nothing bad happened !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”We live in the small country town of Rosewood around 1 hour west of Brisbane. Have ip’s in town and Ipswich (lots of growth out here).
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Luv it !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Q.1 Yes if you are an Australian resident. Further details see link:
Q 2 Don’t know ?
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I’m a retired tax accountant, and my advice is keep it simple.
Leave PPOR as is and draw down a line of credit to use as equity on ip’s.
What type of property investing are you talking about ? Buying and renting houses, reno’s, property development ?
Setting up a family trust with a corporate trustee is very expensive and costly to keep running. If the houses are negatively geared the loss cannot be distributed to the beneficiaries.
Keep it simple initially buy in joint names (tenants in common) and review your situation in 12 months.
Either way a good accountant should be advising you of the best way and not sitting on the fence.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Yes ecatt money is the icing on the cake. Good health, longevity, happiness, a loving family, self reliance, fine friends, respect, integrity, honesty and a history of achievements will make that icing on the cake !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I’d recommend reading good resource books also and get to know your local market inside out. Go to open houses, read local papers about what developments are occuring, set yourself a budget and saving plan (min 10% gross income), visit the Council and obtain a copy of the town planning, get your finance pre-approved, obtain data on average household incomes in your area, what is the average rent for the area, surround yourself with likeminded people, set yourself a goal and go for it. Nothing beats experience !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Shaun its amazing how adversity builds spirit. A divorce 10 years ago was my rude awakening. But doing well now.
Right now I’m contacting school books for the kids. School back next week. Yeh. Settle on a house in Feb 06 which needs some work before putting in a tenant. Planning to build a duplex in its place in 3-5 years.
Waiting, waiting, waiting, on Engineer to finalise drawings for Operation works on subdivision so should be able to start work mid year. Other places doing well but right now I can’t wait for school holidays to end !!Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I think we’ll see a small .5% rise by Mid 2006. Thats my guess !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Why not have the ‘Young Club” for those up to 30yrs and the “Young at heart” club as you “mature”. They could have the same guidelines and Mission Statement and then get together annually.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Talk to your Accountant. I think you’ll find you can’t sell an asset that’s not arms length. Once you’ve setup the joint owners as 60/40 thats it until you sell to a third party, and then you could buy another ip with the superfund owning a higher %.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I once knew a man who was mad keen on horses and was involved in racing syndicates his name was Barry Knaggs.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Private message sent to Herks re Option Agreement
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Where is the Land ?
Thats a big jump for your first subdivision ? Its a very long process (usually 2-3 years) You’ll also need to get a good team of professionals on board. Civil Engineer, Solicitor, Surveyor and sound Engineer.
Good luck with it.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Just had a friend raise an old house. It looks amazing nothing like the original, very modern but all up cost $320k. Perhaps it would have been cheaper to knock it over and start again, but where would the fun be in that ?
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Yes I’m for the Solicitor also. Ours charges $440 does all the searches, attends settlement and then phones me when its all done. Easy !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”We also bought a house in Sept 05, renovated and sold in Dec 05 with a Gain of $60000. Yes it is all taxable but we’ll offset that with super contributions, and the tax isn’t due until April 2007. We sold because the most gain from the property was after the reno, we didn’t want tenants wrecking our hard work, the interest on holding the property for 12 months would soon eat into our profit and that assumes that interest rates don’t increase causing values to drop. We needed the cash to build a sewer line on a land we’re subdividing so we took the cash when we could.
Not sure about the option thing it would be best to ring an Accountant I’ve been “retired” for too long.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Well done Adam for walking away and not getting emotionally involved, but could you have gone a little higher ? Most people like to “Play the game” and perhaps another $2000 may have got the deal. It depends on the numbers though I suppose. We always put in really low first offers and then move up slowly if the deals right but we always have a “walk away price” before we start.
Keep at it as things happen for a reason. I often drive past houses we made unsuccessful offers on and are greatfull we didn’t buy it as a better opportunity came along very soon.
We view hundreds of houses, put offers in on around 5, and of those may get 1 deal, but its always undervalue so we have instant capital gain !!
The right property is out there for you, just keep looking and don’t give up.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”I’m no termite expert but given you can walk under the house you should be able to see any activity (mud trails) up the stumps. (Check every 12 months) I suppose the only problem area is the room downstairs, and believe me they can come through a crack in the concrete.
For peace of mind I would probably get it done although the ATO may treat it as a capital cost and not tax deductible.
We had a quote of $2400 to redo a 3 bedroom slab on ground house. Perhaps get a second quote to satisfy yourself you’re not being overcharged.Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Great story Fern and Dazzling. Keep the updates flowing.
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
